Rangers' creditors receive seven-figure bonus after HMRC cut

Creditors of The Rangers Football Club PLC have received a £1 million bonus this Christmas after HMRC reduced the amount of money they are owed.

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Liquidators BDO will distribute the funds after informing creditors of the latest update.

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They said in a report, date 7 December: “The panel have recently agreed with our submission in its entirety and the element of HMRC’s claim pertaining to penalties has now been withdrawn in full.”

Ibrox stadium. Picture: John Devlin

The taxman previously claimed that oldco Rangers owed £94 million in unpaid tax, £74 million of which related to the Big Tax Case after years of payments to players and staff through Employee Benefit Trusts.

That has now been reduced to £68.3 million after BDO successfully argued the original figure was too high.

The previous company owed money to 270 individuals, businesses or groups.